Start learning about personal financial management as soon as you have any money, such as from allowance, gifts, and part-time jobs. As a young adult, you have many factors working in your favor: you are starting your financial education now while you are young, you are not in debt (like most adult Americans), and you have lots of time for your investments to grow. This checklist will give you a basic foundation to start you on your personal financial management path.
- I have a bank account that charges no fees.
- I spend my money in a smart way – Comparing prices and value, buying used instead of new when it meets my needs, and being mindful of marking tricks and scams.
- I divide my money between what I want to spend and what I will save.
- I write down my financial goals and review them at least once a year.
- If my savings is more than $1000, I have considered moving it to a High Yield Savings Account.
- If I have a part-time job, I understand what taxes are coming out of my paycheck and I file a tax return if I am due a refund.
- If I have earned income, I have opened a Roth IRA and saved some of my earnings there.
For a complete teen guide, get Your Money: A Financial Workbook For Teens by Lisa Duncan
